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14.05.2019: Should traders sell EUR? (GBP, USD, EUR, CHF, GOLD)

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The European trade started with correctional movements. Donald Trump is sure the trade deal with China will be successful.
A sharp change in the market sentiment led to a decline in the safe-haven assets. Thus, the Swiss franc and the Japanese yen are giving in to the US dollar. Gold dropped below the psychological level of 1.3000 after the last week’s growth of 1.5%. Traders are looking forward to seeing the two major world’s economies making a trade deal.
Meanwhile, the euro/dollar pair is not as volatile as other instruments, trading in a narrow range around 1.1238. Currently, the major forex pair does not have any clear direction, but there are some signs of the downward movement during the day.
Donald Trump’s Twitter account is in the spotlight today as it rules the market sentiment at the moment. Nevertheless, Europe’s statistics should be considered as well. The year-on-year eurozone’s industrial production fell by 0.6% in March, while experts forecast a decline of 0.8%. On the other side, Germany’s Investor Sentiment Index was quite disappointing. The index nosedived to -2.1 in May from 3.1 in April, while it was anticipated to rise to 5.1.
On Tuesday the British currency slid lower against the US dollar. The sterling broke the previous support level which is a strong bearish signal. In the middle of the European trading session, the UK labor market data saw the light. At that time the GBP/USD pair was trading at 1.2948.
However, the situation may change. The upbeat labor market statistics encouraged investors. Reportedly, the unemployment level declined to 3.8% while the wages growth accelerated in the period from January to March. This data signals that the inflation rate is likely to recover which may prompt the Bank of England to raise the interest rate this year. The possibility of it provides support to the pound sterling as other developed economies do not stand a chance of having a rate hike in the nearest future.
The GBP/USD pair may reverse the trend as the British pound strengthened.

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